Jeffery Onions QC said that Ms. Staveley’s testimony was not supported by documents.
Lawyers representing Ms. Staveley, who is conducting a takeover bid for Newcastle United, told Judge Waksman that the bank leaders had agreed to make a £ 2 billion unsecured loan to Qatari investors.
They said the loan was “hidden” from the market, shareholders and PCP Capital Partners, a private equity firm led by Ms. Staveley.
PCP is suing the bank and is claiming £ 1.6 billion in damages.
Staveley’s firm says she is owed money for the work she did in setting up a Middle East investment agreement for Barclays during the 2008 crisis.
But Barclays’ lawyers described PCP’s claim for damages as “opportunistic and speculative”. They say that “the PCP has in fact made no losses.”
Justice Waksman is overseeing a trial at the London High Court, which started on Monday and is expected to last two months.
“Barclays does not accept most of Ms. Staveley’s testimony,” said Onions during the trial, which was broadcast online on Tuesday.
“The image that Ms. Staveley seeks to paint is false. It is not a simple statement. A more complex claim, in terms of causation, is more difficult to imagine.
“Barclays says that the foundation on which his claim is built is actually sand. ”
Newcastle United takeover
He added, “Ms. Staveley’s testimony has little or nothing to do with what is revealed by contemporary documents. ”
Staveley, who over the past few months has been involved in reaching an agreement that could see a Saudi consortium take control of Newcastle United, is scheduled to testify later this week.
A lawyer leading the PCP legal team presented the firm’s complaint on Monday and made allegations against Barclays.
Joe Smouha QC told Judge Waksman that the claims arose out of the recapitalization of Barclays during the financial crisis in October and November 2008.
Smouha said the PCP had presented Barclays with a Middle Eastern investor, His Highness Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi and “subscribed” to invest £ 3.25 billion.
He said the only other “strategic investors” were the State of Qatar and its Prime Minister, Sheikh Hamad Bin Jassim Bin Jabr Al-Thani.
But he said the PCP had been induced to invest on “manifestly worse conditions” than Qatari investors.
Mr. Smouha said that Qatari investors had asked and, to obtain the investment, Barclays had agreed to pay: additional costs of £ 280 million; an “additional royalty of £ 66 million” and to provide “a fully unsecured loan” of £ 2 billion.
He said to the judge, “Barclays deliberately misled not only PCP but also its own shareholders and the market in this regard. ”
In February, three former Barclays bosses were cleared of fraud over a £ 4 billion investment deal with Qatar at the height of the banking crisis.
The Serious Fraud Office alleged that the lucrative conditions granted to Qatar were hidden from the market and from other investors.
But Roger Jenkins, Thomas Kalaris and Richard Boath were acquitted by jurors after a trial at Old Bailey.